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Twenty-five-year commodity market veteran Jim Prince is an expert in the principles of technical trading. Each day Jim reviews the biggest moves in the commodity markets, identifying formations and planning trading strategies. And now, in his free Daily Alert, Jim will share with you his hot pick of the day with an exclusive 3-5 minute video.
With each Daily Alert video Jim reviews first-hand his featured chart of the day, discusses trading strategy, and highlights possible entry and exit points.
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Soybean futures are currently trading mostly about 6 cents higher following gains of 7 or 8 cents in most contracts on Monday. The Jan16 soybean contract climbed to its highest price in a month this morning, boosted by the idea that most of the 3.61 billion gallons of renewable fuels mandate (after ethanol) for 2016 will come from biodiesel. The monthly USDA soybean crushings report will be published this afternoon. The Commitment of Traders report released yesterday showed managed money soybean accounts slightly increased their net short position (624 contracts for the week). The position as of 11/24 was 52,925 contracts net short. Brazilian planting is now estimated to be 81% completed, up from 71% last week but still lagging year ago.